Solar Panel Cost Guide in Milford, DE (2024 Update)
- Milford Solar Installation Cost: $13,967
- 25-Year Savings: $17,321
- Payback Period: 12.0 Years
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Average Cost of Solar Panels in Milford
Let’s have a look at the average cost of solar panels in Milford.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Milford, the average cost of solar panels is 3 per watt.To cover the typical energy needs of the average home in Milford, most homeowners require a 6.5-kilowatt system. Using the per-watt figure above, a solar installation costs around $13,967, or $19,973 before the federal solar tax credit of 0 is applied.
These figures are just estimates, and the cost of going solar for you will most likely look different based on the amount of energy your home requires and what company you choose to go with.Many homeowners find installing a solar system is a sound investment. The average homeowner in Milford can save about $17,000 on their energy bills over 20 years.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Milford
| Year | Return on Investment |
|---|---|
| 1 years | $-12,566 |
| 3 years | $-9,764 |
| 5 years | $-6,962 |
| 7 years | $-4,160 |
| 9 years | $-1,357 |
| 11 years | $1,445 |
| 13 years | $4,247 |
| 15 years | $7,049 |
| 17 years | $9,851 |
| 19 years | $12,653 |
| 21 years | $15,455 |
| 23 years | $18,257 |
| 25 years | $21,060 |
Top Solar Installers in Milford
Many homeowners opt for a solar panel company since installing solar panels by yourself can be a lot of work. Solar installers provide key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
If you're looking for a solar company in Milford, we've compiled a list of our top suggestions here:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Milford
Factors that Affect Solar Panel Costs in Milford
For many Milford homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Milford, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $3,090. There are many different solar panel brands and the one you pick also changes the cost. Usually, the brands that offer higher efficiency tend to also be more expensive. Plus, the type of equipment you’re looking to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a significant investment. That’s why many Milford homeowners choose to finance their solar panel systems to offset upfront costs.It’s wise to factor the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it’ll take to pay back the loan.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panel system can play a part in determining your pricing. Milford’s solar companies all have different labor costs and add varying upcharges to equipment. You may come across national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.21 | $13,497 | $13,433 | 12.5 years |
| 8 kW | $3.15 | $17,650 | $18,257 | 12.3 years |
| 10 kW | $3.09 | $21,630 | $23,253 | 12.0 years |
| 12 kW | $3.03 | $25,437 | $28,423 | 11.8 years |
| 14 kW | $2.97 | $29,071 | $33,766 | 11.6 years |
| 16 kW | $2.90 | $32,532 | $39,282 | 11.3 years |
| 18 kW | $2.84 | $35,819 | $44,971 | 11.1 years |
| 20 kW | $2.78 | $38,934 | $50,832 | 10.8 years |
How to Save on Solar Panels
The solar installer you choose will influence not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should take into account, including:
- Solar Panel Brands: The kind of solar panel you want to get plays a role in which company you should choose, since different companies have different panels.
- Installation Process: When making the switch to solar, it’s crucial to maintain an open line of communication with your solar panel installer. Confirm that you understand how the installation process works and the completion timeline.
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: Before you sign a contract with a solar company, make sure you look it over carefully so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what the warranty covers and what services you can expect from them.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Milford, DE Solar Cost FAQs
What is the average cost of installing solar panels in Milford?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $15,450 for a 5-kW system and $30,900 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have above-average energy needs. On the other hand, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Milford?
Leasing solar panels can be an option if you can’t pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Do solar panels increase the value of your home?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don’t choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can choose to replace them after having them for that long or you can keep using them at a lower efficiency.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.